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Rosneft Signs $1.5 Billion Oil Deal With BP

BP Has Said it Will Continue Working With Rosneft Despite U.S. Sanctions Against its CEO

By

Andrey Ostroukh

June 27, 2014 5:33 a.m. ET

MOSCOW—Russian oil giant Rosneft, whose chief executive was put on the U.S. sanctions list, signed a deal worth at least $1.5 billion with its longtime partner BP PLC, the company said Friday.

After Moscow's annexation of Ukraine's Crimea region in mid-March and western sanctions against several individuals close to President Vladimir Putin, some U.S.-based companies tried to distant themselves from Russia. U.K.-based BP, which owns a 19.75% Rosneft stake, had already signed new agreements with the Russian company since U.S....